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Majority of self-cert cases fraudulent, says broker

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Natalie Holt
If the Crown Prosecution Service targeted the public as the Financial Services Authority does self-cert brokers, masses of borrowers would be convicted of fraud.

That's the message from Michael Thommes, managing director of Poole-based brokerage General Finance Centre, who says the majority of self-cert clients don't earn enough money to apply legitimately.

He adds: "They disclose income on application forms to satisfy lending criteria."

Thommes says that self-cert clients, brokers and lenders should all be penalised or no-one should. He argues that income declarations should be scrapped so no-one would have to lie, with borrowers instead considering whether they can afford repayments and signing declarations to that effect.

But Robert Winfield, managing director of Chartwell Funding, says: "There's no problem as long as clients are happy with repayments."

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